$50m EU loan to finance solar power plants in Jordan

GMT 22:24 2014 Tuesday ,11 November

Arab Today, arab today $50m EU loan to finance solar power plants in Jordan

Solar power plants in Jordan
Amman - Petra

The European Bank for Reconstruction and Development (EBRD) and the French Development Finance Institution PROPARCO have provided loans worth $100 million ($50 million each) to fund the construction of three solar photovoltaic generation plants in Jordan located in the area near Maan City in southern Jordan.
According to a press release issued by the Bank, the new plants will deliver 40 megawatts of much-needed generating capacity from a clean, reliable domestic resource, thereby reducing the country’s dependence on hydrocarbons, especially since Jordan imports over 97 per cent of the energy it consumes.
The three projects have been developed jointly by Norwegian solar power company Scatec Solar ASA, together with its Jordanian partners, European Jordanian Renewable Energy Projects LLC, Greenland Alternative Energy LLC and Quest Energy Investments LLC., according to the press release.
"We are pleased to be partnering with PROPARCO, Scatec Solar, EJRE and their partners to boost the production of renewable energy in Jordan. It has outstanding renewable resources, especially solar, and we are committed to developing this sector and to help increase Jordan's energy supply while reducing its environmental impact," EBRD Director for Power and Energy, Nandita Parshad, said.
"Encouraging the development of green and clean energies is one of the core focuses of PROPARCO’s strategy," Chief Executive Officer of PROPARCO, Claude Periou said.
"This successful partnering with EBRD, Scatec Solar, EJRE and their partners will contribute not only to reducing Jordan’s dependency on fossil fuels while securing its energy needs, but also to fighting climate change on a broader, more global scale. PROPARCO has been involved in Jordan for 10 years, and we truly hope our future operations will be as inspiring," he added.

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